The Venezuelan government under President Nicolas Maduro has announced that it is negotiating with six cryptocurrency exchanges to trade Petro and has provided authorization to them for this purpose. While the move was announced amid much government hype, the number is still less than the earlier announcement of 16 exchanges by Maduro.
Petro itself has had numerous problems in recent times as the currency was deemed nontransferable despite the government pressurizing banks to use it and forcing incoming foreigners to pay passport tax in Petro. The currency was also rejected by various Venezuelan allies and trade partners including India and Russia for oil trading purposes.
Still, the government is adamant to use the state cryptocurrency. The six cryptocurrency exchanges reportedly include Cave, Blockchain, Bancar, Cryptia, Antwerp coin, Afx trade, and Criptolago. These exchanges are relatively unknown within the cryptocurrency trading circles. The biggest exchanges have avoided trading in the cryptocurrency because of the threat of severe US sanctions.
Among two of these exchanges, Antwerp coin is a Venezuelan state-authorized exchange while Cryptia doesn’t even have a trading volume, despite claiming to trade in the top four cryptocurrencies Bitcoin, Ethereum, Dash and Ripple.
While Petro has reportedly undergone swathes of changes in recent times including a new official whitepaper for the currency, considerable issues remain in actual adoption and trading of the cryptocurrency.
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